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Drop in HCL Tech's Q1 net income

HCL Technologies has recorded a 36 per cent drop in its net income for the quarter ended September 2002 at Rs. 76.20 crores against Rs. 119.80 crores in the same period last year.

According to the company's consolidated income statement, as per U.S. GAAP, net income, after sales incentive and provisions, for the quarter stood at Rs. 76 crores against Rs. 97.80 crores in the same period last year, down 22 per cent. Net income at Rs 76.20 crores during quarter under review was down 27 per cent as compared Rs. 104.30 crores during April-June quarter.

Gross revenues were, however, up 19 per cent at Rs. 442.40 crores against Rs. 372.30 crores.

HCL's organic software services business grew by 2.3 per cent sequentially to reach Rs. 320 crores and non-organic business generated Rs. 99 crores registering a growth of 37 per cent sequentially, contributing 22.4 per cent to the revenues.

DSL Software showed a revenue growth of 18 per cent quarter on quarter, while HCL Jones technologies, the joint venture with Jones Apparel Group, started delivering and recorded a revenue of Rs. 11.50 crores this quarter.

HCL Infosys

HCL Infosystems has achieved a turnover of Rs. 409.70 crores in the quarter ended September 30, 2002 against Rs. 235.50 crores. The profit before tax is Rs. 13.60 crores against Rs. 14.10 crores. The profit after tax has increased by 26 per cent. The consolidated revenue for the quarter ended September 30, 2002 is s. 435.80 crores, including service revenue of Rs. 70.60 crores.

Indal

Indian Aluminium Company has posted a marginal rise in net profit at Rs. 31.50 crores for the second quarter ended September 30, 2002 against Rs. 30.70 crores in the same period last fiscal. Net sales grew by 10 per cent to Rs. 369.50 crores from Rs. 334.90 crores. The net profit and sales for the six months ended September 2002 stood at Rs. 55.50 crores (Rs. 59.40 crores) and Rs. 679.80 crores (Rs. 667.10 crores) respectively.

Tata Power

Higher tax provisions, depreciation and with no extraordinary income, Tata Power Company's (TPC) net profit fell by 44.87 per cent to Rs. 134.95 crores for the second quarter ended September 30, 2002 from Rs. 244.81 crores in the comparable period in the previous year.

Higher tax provisions of Rs. 96 crores in the reporting period against Rs. 58 crores in Q2 of 2001 and a Rs. 10 crore depreciation due to commissioning of additional capacities at the company's Wadi and Jojobera captive power plants also contributed towards the lower net profit.

The company has registered an 8.8 per cent increase in net sales at Rs. 1,202.14 crores against Rs. 1,104 crores.

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